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HomeMy WebLinkAbout2834 + . ~ t ~ 8. Iaspection. Leader may make or cause b be msde reasonabk entries upon sad inspections of the property, provided that Lender shall give Borrower notice prior b any such inspection specifying reasonable cause therefor related b Lender's interest in the Property. 9. CondemaaHoa. The proceeds of any award or claim for damages, direM or consequential, in connection with any condemnation or other taking of the property, or part thereof. os for conveyance in lieu of oondemnatioa, are hereby assigned and shall bs paid b Lender. In the event of a btal taking of the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the a:oea,;f say, paid b Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall bs applied b the sums secured by this Mortgage such proportion of the proceeds as is equal b that proportion which the amount of the sums secured by this Mortgage immediately prior b the date of taking bean b We fair market value ottee Property immediately prior b We date of taking. with the balance of the proceeds paid b Borrower. I[ the Property is abandoaed by Borrower, or if. otter notice by Lender b Borrower that the condemnor offers b make as award or settle a claim [or damages, Borrower fails b respond b Lender within 30 days otter the date such notice is mailed, Lender is authorir~ed b collect sad apply the proceeds, at Lender's option, either b restoration or repair of the property or b the suau secured by this. Mortgage. Unlew Lender and Borrower otherwise agree in writing. any such application of proceeds b principal shall not eztend or postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower Not Released. Extension of the time for payment or modification of amortisation of the sums secured by this Mortgage granted by Lender b any successor in interest of Borrower shall not operate b release, in any manner, the liability of the original Borrower and Borrower's successors in interest. Lender shall not be required b commence proceedings against such successor or refuse b extend time for payment or otherwise modify amortization of the sums secured by this Mortgage by reason of any demand made by the original Borrower and Borrower s suoresson in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of inanramce or the payment of tares or other lima or charges by Lender shall not be a waiver of Lenders right b accelerate We maturity of the indebtedness secured by this Mortgage. 12 Remedies Cumulative. All remedies provided is this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised eoncurreatly, independently or snooesaively. 13. Suooessors sad Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure b, the respective successors and assigns of Lender and Botiower, subject b the provisions of paragraph 1? hereof. All covenants and agreements of Borrower shall be joint and severeJ. The captions and headings of the peragraplu of this Mortgage are for covenience only and are not b be used b interpret or define the provisions hereof. 14. Notice. Except for any notice required under applicable law b be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed b Borrower at the Property Address or at such other address as Borrower may designate by notice b Lender as provided herein, and (b) any notice b Lender shall be given by certified mail, return receipt requested, to Lender s address stated herein or b such other address as Lender may designate by notice b Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed b have been given b Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use and non- uniform covenants with limited variations by jurisdiction b eonatitute a uniform security instrument covering real property. This Mortgage shall be governed by We law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and b this end the provisions of the Mortgage and the Note are declared b be severable. 16. Borrower's Copy. Borrower shall be furnished a conformed Dopy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lendei a prior written eonaent, excluding (a) the creation of a Gen or encumbrance subordinate b this Mortgage, (b) the creation of a purchase money security interest for household appGaneea. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option b purchase, Lender may, at Lender s option, declare all the soma secured by this Mortgage to be immediately due and payable. Lender shall have waived such option b accelerate if, prior to the sale or transfer, Lender and the person b whom the Property is b be sold or transferred reach agreement in writing that the credit of such person is satisfactory b Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall ~ request. If Lender has waived the option b accelerate provided in this paragraph 17, and if Borrowers successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. ' - If Lender exercises such option b accelerate, Lender shall mail Borrower notice of acceleration in aeoordance with paragraph 14 hereof Such notice shall provide a period of not less than 30 Jaya from the datelhe notice is sailed within which Borrower may pay the soma declared due. If Borrower fails b pay such soma prior to the e:puation of such period, Lender may, without further notice or demand on Iiotrower, f invoke any remedies permitted by paragraph 18 hereof 18. Acceleration; Remedies. Except as provided in paragraph 1? hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Mortgage, including the covenants to pay when due any sums severed by this Mortgage, Lender ~ prior to aeoeleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action t required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in 5 acceleration of the sump secured by this Mortgage, foreclosure by judicial proceeding and sale of the Property. T'he notice shall further inform Borrower of the right to reinstate after acceleration and the right to assert in the foreclosure proceeding the non-ezistence of a default or any other defense of Borrower to acceleration and foreclosure. If the breach is not cared on or before the date specified in the notice, Lender at Lender's option may declare all of the soma secured by this Mortgage to. be ~ immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall be entitled to collect in each proceeding all ezpensee of foreclosure, including, but not limited to, reasonable attorney's fees, and ; costs of documentary evidence, abstracts and title reports. 19. Borrower's Right to Reinstate. NotwithstandingLender sacceleration ofthe sums secured by this Mortgage, Borrower shall have ! the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior b entry of a 'ud g g 1 gment enforcin ~ this Mortgage if: (a) Borrower pays Lender all soma which would be then due under this Mortgage, the Note and notes securing Future i Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other rnvenants or agreements of Borrower rnntained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants and agreements of Borrower contained in this Mortgage and in enforcing Lender's remedies as provided in paragraph 18 hereof, including, but not limited b, reasonable I attorney's tees; and (d) Borrower takes such action as Lender may reasonably require b assure that the lien of thin Mortgage, Lender's interest in the Property and Borrower's obligation b pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver. Aa additional security hereunder, Borrower hereby assigns b Lender the rents of the Property, provided that Borrower shall, prior b acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain ouch rents as they become due and payable. f Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender shall be entitled b have a recover appointed by a _ rnurt b enter.npon, take possession of and manage the Property and b collect the rents of the Property, including those past due. All rents collected by the receiver shall be applied first b payment of the coats of management of the Property and rnllection of rents, including, but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attorney a fees, and then b the soma secured by this Mortgage. The ' z receiver shall be liable b account only for those rents actuslly received. a 3 ~~rr11 S~nr3os Pacf28Jv ..u.,., y i e Y l ~ ~ ~ " - -